Categories: Uncategorized

Bitcoin Under Denial of Service Attack

It’s been a crazy week for Bitcoin, with the crisis in Greece drawing large amounts of attention to Bitcoin. The event has brought a lot of positive coverage on Bitcoin, and also sparked interest in the cryptocurrency from citizens worldwide. However, Bitcoin related events haven’t been 100% positive. For over a day now, an unknown entity has been attacking the blockchain through an automated Denial of Service (DoS) Attack.

What this unknown attacker is doing is spamming the blockchain with dozens of transactions a minute. The perpetrator is sending miniscule amounts of Bitcoin (.00001 BTC) to 34 simple brainwallets, such as cat and dog. The entire transaction costs the sender just 8 cents worth of Bitcoin, and although the transactions are constantly being sent, the attack has been sustained for over a day now with just several Bitcoins to start with.

Because so many transactions are being sent, the attacker is able to single-handedly fill each 1 MB block that enters the blockchain. As this attack is so viable due to a low block size, some speculators believe the goal of this attack is to push a block size increase. Regardless of the intent, the ease at which the attack was conducted certainly does provide evidence to support a block size increase.

Related Post

Although the attack has certainly been able to fill each and every block for over a day, the actual effectiveness in locking out Bitcoin users is questionable. As many users have stated, by simply increasing the transaction fee that is paid to miners by a small amount, it can be ensure that all legitimate transactions are confirmed in a timely manner.

Another interesting aspect to this attack is it is not necessarily feasible in many other altcoins. By simply requiring a transaction fee to each individual output, which many altcoins already do, this attack can be avoided completely.

Zane Huffman

Zane is a crypto enthusiast who has been involved since August 2013. He is a trader and writer of all things cryptocurrency. He is very excited for the role cryptocurrency will play in the future, especially in regards to the videogaming industry.

Share
Published by
Zane Huffman

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

3 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

3 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

4 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

4 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

8 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

9 hours ago